Do you have an insurance plan to protect you and your family from the unexpected?
Help protect your family’s home with Mortgage Critical Illness Insurance, underwritten by The Canada Life Assurance Company (Canada Life).
When you buy a home, you want security to go with it. Mortgage Critical Illness Insurance1 can help. It provides financial protection for your mortgage if you are diagnosed with cancer, acute heart attack, or stroke.
Coverage and maximum benefit
Your CIBC Mortgage balance is reduced or paid off up to $500,000. This benefit is paid if you are diagnosed with a covered critical illness and satisfy the 30-day waiting period, and can help you maintain your lifestyle by freeing up money previously tied up in mortgage payments.
Savings for two applicants
When two applicants are approved for Mortgage Critical Illness Insurance, save 15% off the combined single premium rates.
You don’t need to make separate payments for your insurance premiums - they are added to your CIBC Mortgage payment and automatically adjusted if you change the frequency of your mortgage payment.
30-day review period
Coverage includes a review period of 30 days from the date you receive your Certificate of Insurance. If you cancel your coverage during this review period, you will receive a full refund of any premiums paid.
No premium is charged until your mortgage loan is funded.
Prior coverage recognition
If you are declined for critical illness insurance coverage on your new mortgage but you had critical illness insurance coverage on the CIBC mortgage you paid out, you may be eligible to have a portion of your new mortgage insured under “Prior coverage recognition”.
Important documents and other information
Your certificate of insurance will contain the full details of your coverage, including benefits, cost, eligibility conditions, limitations and exclusions.
To help you make an informed decision, you can access a sample certificate of insurance and other important documents below.
Working Canadians understand that a critical illness would have serious financial and emotional consequences. Among their top five financial concerns should they become critically ill is struggling or being unable to make mortgage or rent payments2. Yet, fewer than 1 in 10 Canadians actually have personal critical illness insurance3.
Interested in applying for Mortgage Critical Illness Insurance?